Bank Nifty continue to hold 21350-80 range,EOD Analysis

By | April 22, 2017
  • As discussed in Last Analysis Bullish only above 21600 for a move till 21750/21900. Below 21350 if we break we can see fast move towards 21150/21000. High made today was 21614 and Low made was 21386 so bank nifty moved above 21600 so bank nifty moved above 21600 but did not sustain over it, so we are in netural zone till we break the range of 21350-21600 suggesting both bulls and bears are on sidelines, Breakout of this range can give fast move of 250-300 points. Buy above 21600 for a move towards 21800-21850, Breakdown below 21350 for a move towards 21150-21100.  Becoming a Forgiving Person: Aikido Surprise

  • Bank Nifty April Future Open Interest Volume is at 28.8 lakh with Liquidation of 1.65 Lakh, with decrease in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @8.6 Lakh resistance at 22000. 20500-22500 CE saw addition of 7.5 lakh in OI suggesting bears used the fall to add good amount of OI in range of 21700-22000.
  • 21500 PE is having highest OI @7.2 Lakh, strong support at 21300 followed by 21000, Bulls added 3.7  Lakh position in OI in range of 20500-22500 .

Buy above 21570 Tgt 21640,21730 and 21850 (Bank Nifty Spot Levels)

Sell below 21510 Tgt 21430,21300 and 21200 (Bank Nifty Spot Levels)

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